8-K 1 v00495e8vk.htm MRV COMMUNICATIONS, INC.- DATE OF REPORT: JULY 22, 2004 e8vk
 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 22, 2004

MRV COMMUNICATIONS, INC.

(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
     
DELAWARE   06-1340090
(STATE OR OTHER JURISDICTION OF   (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)   IDENTIFICATION NUMBER)
20415 NORDHOFF STREET   91311
CHATSWORTH, CA   (ZIP CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)    

ISSUER’S TELEPHONE NUMBER: (818) 773-0900

(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

 

 

Item 5. Other Events.

On July 22, 2004, MRV publicly announced its statements of operations for the three and six months ended June 30, 2004 and 2003, and its balance sheets at June 30, 2004 and December 31, 2003. These financial statements, which are included herein as part of Item 5 of this Report, follow on pages 3 and 4 of this Report.

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Statements of Operations

(In thousands, except per share data)

                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,   June 30,   June 30,
    2004   2003   2004   2003
    (Unaudited)
Net revenue
   $ 67,231     $ 61,958     $ 126,845     $ 113,075  
Cost of goods sold
     43,669       42,133       82,858       78,647  
 
    
 		      
 		      
 		      
 		  
Gross profit
     23,562       19,825       43,987       34,428  
Operating costs and expenses:
                                
Product development and engineering
     5,805       6,890       12,143       15,626  
Selling, general and administrative
     18,676       16,698       36,826       28,616  
 
    
 		      
 		      
 		      
 		  
Total operating costs and expenses
     24,481       23,588       48,969       44,242  
 
    
 		      
 		      
 		      
 		  
Operating loss
     (919 )     (3,763 )     (4,982 )     (9,814 )
Other expense, net
     1,040       5,511       1,215       5,432  
 
    
 		      
 		      
 		      
 		  
Loss before provision for taxes
     (1,959 )     (9,274 )     (6,197 )     (15,246 )
Provision for taxes
     1,110       493       1,649       921  
 
    
 		      
 		      
 		      
 		  
Net loss
   $ (3,069 )   $ (9,767 )   $ (7,846 )   $ (16,167 )
 
    
 		      
 		      
 		      
 		  
Earnings per share:
                                
Basic and diluted loss per share
   $ (0.03 )   $ (0.10 )   $ (0.07 )   $ (0.16 )
Weighted average number of shares:
                                
Basic and diluted
     105,596       101,383       105,550       100,163  
 
    
 		      
 		      
 		      
 		  

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MRV Communications, Inc.

Balance Sheets

(In thousands)

                 
    June 30, December 31,
    2004 2003
    (Unaudited)        
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 65,963     $ 88,706  
Short-term marketable securities
     15,405       5,221  
Time deposits
     1,084       1,411  
Accounts receivable, net
     56,501       53,464  
Inventories
     43,237       35,799  
Other current assets
     4,263       5,379  
 
    
 		      
 		  
Total current assets
     186,453       189,980  
Property and equipment, net
     21,917       25,416  
Goodwill
     29,965       29,965  
Long-term marketable securities
     1,641       1,705  
Deferred income taxes
     1,793       2,594  
Investments
     3,063       3,063  
Other assets
     1,649       2,040  
 
    
 		      
 		  
 
   $ 246,481     $ 254,763  
 
    
 		      
 		  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Current maturities of long-term debt and short-term obligations
   $ 5,087     $ 2,905  
Accounts payable
     42,895       46,811  
Accrued liabilities
     25,550       25,523  
Deferred revenue
     3,430       3,754  
Other current liabilities
     3,465       2,936  
 
    
 		      
 		  
Total current liabilities
     80,427       81,929  
Long-term debt
     139       200  
Convertible notes
     23,000       23,000  
Other long-term liabilities
     4,170       4,215  
Minority interest
     5,169       5,291  
Commitments and contingencies
                
Stockholders’ equity
     133,576       140,128  
 
    
 		      
 		  
 
   $ 246,481     $ 254,763  
 
    
 		      
 		  

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Item 12 — Results of Operations and Financial Condition.

On July 22, 2004, registrant made an earnings release announcing registrant’s second quarter 2004 financial results, the text of which is set forth in Exhibit 99.1 attached hereto. All information in the press release is presented as of July 22, 2004, and registrant does not assume any obligation to update such information in the future.

On July 22, 2004, as previously announced, registrant held a teleconference and audio web cast to discuss its second quarter 2004 financial results. The script prepared for use by registrant’s executives and the Financial Highlights Overview and Highlights presented at this teleconference and web cast is furnished herewith as Exhibit 99.2. All information in the script and web cast is presented as of July 22, 2004, and registrant does not assume any obligation to update such information in the future.

The information included in this Item 12, as well as Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

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SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 26, 2004

         
    MRV COMMUNICATIONS, INC.
 
        
    By:   /s/ NOAM LOTAN
      Noam Lotan
      President and Chief Executive Officer

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